Endowment/Life Assurance Maturity Problems

sgn_2

To sum up:

*we safely kept all the documentation we were given, and have lost none of it
*we paid out all the money we were supposed to
*when it came to redeeming the endowment we didn't have the document the company wants
*we have a copy of the document the company wants, but not the original
*it's all our fault
*:(

If you don't work in the financial sector or don't have money on your mind 24/7, you are duly warned about endowments policy schedules and the companies associated.

Imma_Number

Prompted by your thread I've searched through my documentation. I too only have the copy. I'm not sure if Halifax would still have the original as I sold that house more than 10 years ago and it wasn't in any of the info I received as part of that sale.

Wilkins

sgn wrote: »

To sum up:

*we safely kept all the documentation we were given, and have lost none of it
*we paid out all the money we were supposed to
*when it came to redeeming the endowment we didn't have the document the company wants
*we have a copy of the document the company wants, but not the original
*it's all our fault
*:(

If you don't work in the financial sector or don't have money on your mind 24/7, you are duly warned about endowments policy schedules and the companies associated.

I find it odd that you were not given the original schedule. I was, and I returned it when the policy matured, even though (ironically in this case) they said they did not want it. I presume the original is required since it is fairly difficult to fake.

opinions4u

Imma_Number wrote: »

Prompted by your thread I've searched through my documentation. I too only have the copy. I'm not sure if Halifax would still have the original as I sold that house more than 10 years ago and it wasn't in any of the info I received as part of that sale.

Halifax kept assigned policies with the title deeds.

Your solicitor will have received the deeds on sale and should have returned the endowment policy to you then.

Imma_Number

opinions4u wrote: »

Halifax kept assigned policies with the title deeds.

Your solicitor will have received the deeds on sale and should have returned the endowment policy to you then.

Thanks & darn. I do remember that I did check that they didn't have a claim on the policy any more but I don't recall seeing the original. Ah well, I guess I'll be filling in the extra paperwork.

Nebulous2

We had two endowments that matured last year. At one point our solicitor sent us the original policies, with a letter advising us to keep them safe. We didn't need them though.

The insurance company sent us a form to sign and return with the sum they were paying and a section asking how we wanted to be paid. A cheque duly arrived on the day they said it would.

It might have helped that we are still in the same house that the policies were originally for.

sgn_2

Was going through our (two box files of) mortgage paperwork again, and came across a letter from 1988 (see, we did keep all the paperwork!) This would have been when we were still in our previous house. And guess what? It clearly states that the Original Policy Schedule has been deposited with ... Our Solicitors! By our Endowment Providers. I did a happy dance :j

Still got to get the Solicitors to actually find it, but we're slowly getting there. Fingers crossed they can lay their paws on it. Which reminds me, we must update our wills at some point, as we've garnered another nephew since we made it around twenty years back ...

sgn_2

Nebulous2 wrote: »

We had two endowments that matured last year. At one point our solicitor sent us the original policies, with a letter advising us to keep them safe. We didn't need them though.

The insurance company sent us a form to sign and return with the sum they were paying and a section asking how we wanted to be paid. A cheque duly arrived on the day they said it would.

It might have helped that we are still in the same house that the policies were originally for.

We had this easy passage with our first endowment which matured last a couple of years back - but it was for the first house we'd bought, and not the one we were (and still are) in now. So much for regulations and law, etc., when one company is fine with paying out, and the other one wants everything but the documentation on the kitchen sink!

sgn_2

Imma_Number wrote: »

Thanks & darn. I do remember that I did check that they didn't have a claim on the policy any more but I don't recall seeing the original. Ah well, I guess I'll be filling in the extra paperwork.

Sorry to hear that Not sure why the solicitor should've returned it to you, as it is probable they still have our Original - we certainly haven't ever seen it or got it from them (and they will have had it since 1988). I hope it appears, and you're saved undue hassle. It may be that like our first endowment, and one of the other thread posters, you won't actually need it when the time comes. We were with Standard Life for the first one and they were a breeze. Fingers crossed for you!

Imma_Number

Blurb from my solicitors, under the "Stage 7 - Following Completion" section, states:

If there are life policies with your Title Deeds which had been assigned or deposited with your Mortgage Lender we will arrange for the Mortgage Lender to "release" their interest. We will notify any life companies accordingly and will return any life policies to you.

My emphasis & I'm assuming they include endowments in that.

Elsewhere they say there is a £25 per life policy charge but there isn't a charge for that on the breakdown of charges. So I'm as lost as the policy document.

You seem to have made some progress though.